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General Motors extends partnership with SAIC for 20 years
General Motors has renewed its partnership with the Chinese company SAIC Motor for an additional 20 years, as part of a strategy to strengthen its focus on the Chinese market and position it as a global export hub. This comes amid a comprehensive restructuring that included closing factories and discontinuing some models. The company will transfer a larger share of vehicle development operations to China to better cater to local tastes, with a focus on sales of Cadillac and Buick brands within China. Meanwhile, Chevrolet’s local sales will be halted, with production solely for export. Starting in October, locally developed cars—beginning with the Buick Electra series—will be exported to markets in the Middle East, Africa, and South America, while the U.S. market is excluded due to strict tariffs. The partnership aims to launch 30 electric and hybrid vehicles by 2030. Despite a decline in sales in China to less than half of their 2017 peak, and losses exceeding $5 billion, the restructuring has resulted in consecutive quarterly profits.
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